It’s only seven days into 2019 and Brazil is the best stock market in the world. Parabens, Jair Bolsonaro. Until the point when the military tanks come in, as his opponents believed only four months prior, Brazil is on track to be the best-performing market this quarter, if not in the first half of 2019.

In view of the greatest, passive trades in the markets, the iShares MSCI Brazil is beating the SPDR S&P 500, Russia, India, China (duh), Mexico, FTSE Europe, Japan and the broader MSCI Emerging Markets Index.

Fitch Solutions estimate Brazil’s GDP development to hit 2.4% this year, up from 1.3% a year ago.

Brazil’s economic recovery will get steam throughout the next couple of quarters, Fitch Solutions researchers wrote in a report published on Tuesday. They refered to positive business sentiment supported by Bolsonaro’s new administration.

The majority of the positive movement in policy and in the stock market is originating from the way that the nation is rising up out of its holding design. As far back as Dilma Rousseff was impeached and later removed in a Senate preliminary in August 2016, Brazil has been led by the reform-minded but highly unpopular Dilma vice president, Michel Temer. His approval rating never broken 10%. He passed huge amounts of reforms—spending caps, a new union labor law, Petrobras reforms—but none of that got Brazilian business going once more.

With Temer gone and Bolsonaro’s early approval rating during the 60s, the overall mood in Brazil isn’t actually euphoric however better described as a mix of sigh-of-relief and wait-and-see.

Fitch’s macro analysts don’t think Brazil is prepared to develop like gangbustersall of a sudden. Truth be told, the previous estimate for 2019 GDP was 2.5%. They’ve brought down it on the grounds that a Chinese economic slowdown means less Brazilian soy and iron ore going there this year.